Purpose Investments ETF, the first Bitcoin exchange fund (BTC) in North America, has grown its assets under management to $ 1.1 billion in less than two months after launch. The two bitcoin ETFs, launched shortly after their appointment in Canada, increased assets under management to $ 200 million during the same time period, increasing the total net worth of the Canadian bitcoin ETF to nearly $ 1.3 billion.

The Bitcoin ETF target was launched in late February and had a trading volume of almost $ 100 million on the first day. In the first week, the ETF accumulated over $ 500 million in assets under management as investors tried to access bitcoin trading without having to own the underlying asset.

The adoption of regulators and the final launch of the ETF target marked the opening of portals for the Canadian bitcoin business, and two more trading funds were launched in the coming weeks.

The success of ETF Purpose is a good example of how the trailblazer advantage is fully reflected as it continues to control the majority of the new ETF industry in Canada. The Bitcoin ETF Evolve Fund Group started operations just two days ago, and according to the website, the assets under management are only $ 106 million, despite the fact that the management fees are 25% lower for this purpose.

Similarly, the Bitcoin ETF CI Galaxy, which was launched just days later, still has just over $ 90 million in assets under management, and this time administration fees fell to 0.4%, according to reports from Canada. Globe and Mail. However, the value of all ETFs has risen in line with Bitcoin’s explosive growth in recent times, as the unit price is now higher than it was at launch.

A large number of US companies have submitted requests for Bitcoin ETFs to the US Securities and Exchange Commission. However, financing in the United States has not yet been approved. In recent months, Galaxy Digital, SkyBridge Capital and Fidelity, among others, have applied for ETFs. While the general consensus is that one (or all) will eventually be approved, the timing is far from clear.

Some analysts believe that the US will launch the first bitcoin ETF within one to two years, while others hope the recent rise in bitcoin, combined with the example of other North American regulators, will accelerate the process.

Source: CoinTelegraph